Indian Oil Corp offers 70,000 tonnes naphtha for January

15 December 2010 05:32  [Source: ICIS news]

SINGAPORE (ICIS)--Indian Oil Corp (IOC) has tendered to sell three different-sized cargoes of naphtha, totalling 70,000 tonnes, for loading from various ports in January, traders said on Wednesday.

IOC offered 15,000 tonnes for loading from Haldia on 3-5 January, 35,000 tonnes for loading from Dahej on 22-24 January and 20,000 tonnes for loading from Chennai on 26-29 January, they added.

The tender would close on 20 December and bids would stay valid until 21 December, they added.

IOC last sold 35,000 tonnes of naphtha to Shell for loading from Dahej on 28-30 December, at IOC formula FOB (free on board) plus $18/tonne (€14/tonne).

Meanwhile, the inter-month spread between the second-half January and second-half February naphtha contract narrowed to a backwardation of $6.50/tonne on Wednesday from $8/tonne late last week due to rising supply from India, ICIS data showed.

($1 = €0.75)

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By: Felicia Loo

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